Canaccord Genuity analyst John Newman maintained a Buy rating on Nuvalent yesterday and set a price target of $126.00.
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John Newman’s rating is based on the impressive clinical data and favorable safety profile of Nuvalent’s drug, neladalkib. In patients who have not previously been treated with lorlatinib, neladalkib demonstrated a notable objective response rate (ORR) of 46% and an 18-month duration of response (DoR) of 60%, which surpasses the results from Pfizer’s phase 1/2 study of lorlatinib.
Furthermore, in treatment-naive patients, the drug showed an even higher ORR of 86% and a 12-month DoR of 91%, indicating a potentially prolonged treatment duration. The overall patient data is compelling, with 53% of all patients treated with neladalkib maintaining a response at 18 months. Additionally, the drug’s safety profile is favorable, with a low treatment discontinuation rate and manageable side effects, making it a promising option for patients.
In another report released yesterday, LifeSci Capital also maintained a Buy rating on the stock with a $142.00 price target.